October (not really a) surprise: Unemployment numbers worse than expected

Victor Joecks

Another month, another reminder that the stimulus was and is an epic failure.

Payrolls fell in September by 95,000 jobs because of layoffs by the government while the unemployment rate remained stuck at 9.6 percent, the Labor Department reported Friday. The news drove stocks higher with investors betting the government will do more to boost the economy.

The jobless rate has now topped 9.5 percent for 14 straight months, the longest stretch since the 1930s. The private sector added 64,000 jobs, the weakest showing since June.

The drop in payrolls disappointed many economists, who expected payrolls would be about even for September compared with the previous month.

This chart is originally from Innocent Bystanders in June 2010. I’ve added the last four data points myself, because I can’t find a more updated chart on their site. Innocent Bystanders should get credit for the original chart and idea.

Also, the AP reports that 72,000 stimulus checks went to dead people. What? Sending money to dead people doesn’t improve the economy? I’m shocked, shocked.